Developer Astral Weeks is getting ready to sell a recently rezoned vacant lot at 95-97 Grattan Street, deep in the East Williamsburg-Bushwick manufacturing zone. TerraCRG, which is marketing the property, sent along this rendering showing two residential buildings that could rise on the site.
The 5,000-square-foot plot comes with plans for two four-story, seven-unit apartment buildings. Those 14 apartments would be spread across 9,577 square feet, for fairly small rentals measuring 684 square feet each. The Chelsea and Great Neck-based firm has already secured approval from the Board of Standards and Appeals to develop residential on the lot, which had only been zoned for industrial uses.
Astral Weeks wants $2,700,000, or about $280 per buildable square foot. That price sounds ambitious, but similar sites in East Williamsburg—outside of the M-1 zone, of course—have sold for comparable prices in the last year. For example, a 5,000-square-foot site at 243 Manhattan Avenue sold in September for just over $300 a buildable square foot. And on the lower end, a 2,500-square-foot, mixed-use plot at 764 Metropolitan Avenue hit the public records last summer for $220 per buildable square foot.
The two Grattan Street properties last changed hands for $500,000 in October 2012.
Rents in the area have skyrocketed, but the amenities haven’t quite caught up on the industrially zoned blocks. Still, 95 Grattan is located only a few blocks east of the Morgan Avenue L stop and its growing retail strip, and plenty of bars and restaurants have arrived seven or eight blocks east around the Jefferson L stop.
Even though the block is zoned M-1, it’s lined with several three-story, 1920s walkups, constructed before the 1961 zoning code halted residential construction in the area.
95-97 Grattan Street, photo by Christopher Bride for PropertyShark
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As a resident living around the corner from this site it’ll be interesting to see if they can get the prices they’re asking for. There is a waste transfer center around the corner from this site and almost all garbage trucks use this stretch of Grattan to make their drop offs. It’s a loud and smelly area at almost all hours of the day, especially in the summer.
And that looks like an abandoned building to the left of the site, unless it’s to be torn down.